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How to Do a Business Concept Audit With Brand Auditor?

If you plan to do a business concept audit, then you are reading the right article. Brand Auditor is an industry-standard solution to measure what people think about various aspects of your company, including your business concept. This article is about how to configure an insightful audit with Brand Auditor. 

Open this page to get started:

Business Concept Audit

Below the short description, you will find the audit configuration options that will enable you to customize your audit.

Configure your business concept audit

Before we start customizing your audit, let’s talk about where your data and insights are coming from. Our reports consist of diverse market research insights from the audience you tell us to survey. The basis of Brand Auditor reports is the fresh and raw data we collect through market research, based on your requirements and configuration. Your insights will be as precise as your configuration, so getting familiar with the basics is recommended.

Select what aspects would you like to include in your audit

First, you will need to choose what aspects you would like to get feedback about. In the case of the business concept audit, you have the following options:

Product qualities

  • Compatibility
  • Innovation
  • Usefulness
  • Desirability

Service qualities

  • Flexibility
  • Solution value
  • Usefulness
  • Helpfulness

Demand drivers

  • Desirability
  • Urgency
  • Problem solving
  • Value creation

Revenue model

  • Pricing
  • Flexibility
  • Refund options
  • Payment options

Value for money

  • Price / cost
  • Competitiveness
  • Additional benefits
  • Value

Perceived credibility

  • Reviews
  • Professionalism
  • Reliability
  • Reputation

Each aspect you select will add a new page to your business concept audit report with the micro-aspects included in your selection. The number of aspects you select will impact your audit price. 

Choose your line of business

To make your audit relevant, you need to specify your industry, or line of business. Use the drop-down list to select one that describes your business the best. If the available options do not include your industry, then we suggest contacting us to check the viability of auditing your business concept. We are continuously adding new options as our customers are requesting new categories.

Depending on your choice, the audit price might change slightly. More competitive industries require more efforts to audit, as market research and survey distribution costs can be higher. Choosing a less competitive industry will reduce market research costs, so your audit price will decrease. The system calculates audit prices in real-time, based on your configuration and signals from our market research partners.

Share your website or a social media URL

Your market research respondents will need something specific to look at. As Brand Auditor is a tool to measure customer perceptions, people will give feedback on what is publicly available to see.

Please make sure that your URL is correct, and content is easily accessible. We will manually test your links before launching the surveys, and if changes are required, we will get in touch.

Survey respondents will access your website or social link as your customers would do. They will leave score ratings and feedback regarding what they experience on the URL you share. If your business concept is attractive and easy to interpret, then they will likely leave good scores. In case your business concept is unclear, or unattractive then it will receive negative feedback.

Describe your target audience

The next step in your business concept audit configuration is to describe your target audience. Considering the endless variations of demographics, age groups, and interests that define your target customers, the easiest way to specify their characteristics by using the provided text box. 

Keep it simple, such as “female, 20-40 years, fitness”, or “professionals, finance interest, 40-60 years old”. Based on the information you provide, we will configure targeting for your market research manually. 

Complex or very narrow audience definitions might increase your market research cost or make it impossible due to a low number of potential quality respondents. We recommend leaving your target audience settings slightly broad.

In case your audit configuration and target audience are not possible, we will get in touch with you. If an audit is not feasible, we will be happy to issue a refund. If you know that your target audience is too small, we advise getting in touch with us before placing an order.

Choose the target quantity of responses

Use the slider to define how much feedbacks you would like to collect for your business concept audit. The minimum number of responses is 2,000. It is not possible to configure your audit for fewer responses. 

Choosing more responses have two main benefits:

  • Your business concept audit insights will be more reliable
  • Your business is going to be shown to more in-market people in your target audience during the market research procedure

The quantity of responses has a significant impact on your audit price.

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